Raydium Announces Synthetify Launching on AcceleRaytor

New Cryptocurrency, Crypto Startups, IDO, IFO

Published on: 20.06.2021

Raydium is excited to announce that on June 29, Synthetify will be launching on AcceleRaytor!

Synthetify is a decentralized protocol that allows for the creation and exchange of synthetic assets that closely track the price of underlying assets. Synthetify’s synthetics adhere to the SPL token standard, allowing them to be easily integrated with DeFi applications across the Solana ecosystem.

This article will cover the two parts of an AcceleRaytor launch: 1) the Public Raise and 2) the IDO on Raydium.

1. SNY AcceleRaytor Public Raise details:

Total tokens for the raise: 700,000 SNY (0.7% of total SNY supply), unlocked

Token fixed price: 1.5 USDC for 1 SNY

Total raise: 1,050,000 USDC

Model: Lottery for allocation

Allocation for each winning ticket: 100 USDC (66.666666 SNY)

Total number of winning tickets: 10,500

Pool opens: June 29, 12:00 UTC

Pool closes: June 29, 16:00 UTC

Open period of the pools: 4 hours

Eligibility and pool details:

There will be one RAY pool available for the Synthetify raise.

Allocation will be determined by a lottery system.
Allocation for one winning lottery ticket: 100 USDC
There will be two snapshot deadlines to determine ticket allotment.

7-day deadline:

Eligibility: At least 100 RAY staked in RAY single-sided staking prior to the 7-day staking deadline below and successful USDC deposit once the pool opens. RAY must remain staked until the pool opens.
Lottery tickets: 1 ticket for every 100 RAY staked — up to a maximum of 5 tickets. Staking more than 500 RAY will still receive 5 tickets maximum.
7-day staking deadline: June 22, 12:00 UTC

30-day deadline:

To reward longer term Raydium holders, users that are eligible for the 30-day deadline will receive additional tickets on top of any received for the 7-day deadline.
Eligibility: At least 50 RAY staked 30 days prior to the 30-day staking deadline below and successful USDC deposit once the pool opens. RAY must remain staked until the pool opens.
Lottery tickets: 1 ticket for every 50 RAY staked — up to a maximum of 5 tickets, and 1 additional ticket for every 1,000 RAY staked.
Example: Alice has had 2,500 RAY staked before the 30-day deadline. She will receive 12 tickets — 5 for the 7-day deadline 100 RAY max allotment, 5 for the 30-day deadline 50 RAY max allotment and 2 additional for each 1,000 RAY staked.
30-day staking deadline: May 30, 12:00 UTC (snapshot already taken)

How does it work?

Tickets: Users receive tickets according to the ticket allotments above. However, for a ticket to be counted in the lottery, users must deposit USDC for each ticket they wish to have entered.

Example: Alice has 12 tickets as the above example. Bob staked 300 RAY before the 7-day deadline and will receive 3 tickets.

Deposit: When the pool opens, users will need to deposit 100 USDC for each ticket in order for it to be counted in the lottery. Users can choose to deposit less than their total ticket allocation, however tickets without a matching deposit will not be entered in the lottery. Deposits must be in multiples of 100 USDC.

Alice deposits 1,200 USDC, her maximum, to ensure that all 12 of her tickets are entered in the lottery. Bob deposits 200 USDC even though he has 3 tickets because he needs the extra 100 USDC to buy Alice a cool NFT that is dropping that day. In Bob’s case, only 2 of his tickets will be entered in the lottery.

Lottery: Once the pool closes, the lottery will take place and winning tickets will receive a 100 USDC allocation for SNY. Results of the lottery will be shown very shortly after the pool closes. Users can have more than 1 winning ticket.

Example: Alice has 1 winning ticket and will receive a 100 USDC allocation. Bob does not have any winning tickets, better luck next time, Bob.

Claim: Once the lottery is complete users will be able to remove their USDC for any tickets that did not win. Claims for SNY from winning tickets will open once trading begins for the SNY IDO (details below).

Example: Alice claims her 1,100 USDC and Bob claims his 200 USDC after the lottery concludes. Alice must wait for the SNY IDO to claim her SNY.

Lottery Transparency

The lottery will be done on-chain, with lottery numbers assigned to tickets in the order that users deposit in the pool. After the pool closes, winning numbers will be determined by hashing a block, multiplying it by the timestamp, and matching the last 2 digits of that number with user ticket numbers. Any ticket number with the last 2 digits matching is designated a winning ticket. This process will be repeated until all the winners are determined.

2. SNY IDO on Raydium:

Token starting price: 1.5 USDC for 1 SNY

IDO Launch time: June 30, 13:00 UTC.

How does it work?

Raydium will launch a SNY-USDC liquidity pool (LP) on June 30, 13:00 UTC, after which trading will be live on the Raydium Swap interface. The AMM will begin placing orders on Serum a short time after the LP launch.
Participants with winning tickets for the AcceleRaytor raise pool will also be able to claim their tokens at approximately the same time that the SNY-USDC LP launches.

Fusion Pool — Provide liquidity to earn SNY rewards

Users will also be able to add liquidity to SNY-USDC LP and then stake LP tokens to earn yield on the Fusion Pools page. Rewards will be in SNY tokens.
Reward emissions on the Fusion pool will begin shortly after the LP launches, to give users time to add liquidity and stake in the Fusion pool for yield farming.